- Binance Convert now supports Terra Classic LUNC and Terra Classic USD USTC.
- Through the Binance Convert service, users can exchange the crypto they own for another cryptocurrency.
- Binance informed that the exchange will apply tax burn on all on-chain transactions.
The world-leading crypto exchange Binance has extended support to Terra Classic LUNC and Terra Classic USD USTC by adding them to Binance Convert. The development, which was shared on a tweet, will let users convert LUNC and USTC to another cryptocurrency without any fees.
#Binance Convert adds $LUNC and $USTC.https://t.co/h5Kczx1XYb
— Binance (@binance) September 12, 2022
As per the announcement released on the official platform, Binance users can exchange the Terra Classics for free against Bitcoin (BTC), Binance USD (BUSD), and Tether (USDT), in addition to other tokens supported on Binance Convert.
While Binance Convert acts as the main gateway to purchasing cryptocurrency on the Binance Lite edition, the Binance Convert service lets users exchange their cryptocurrency for another in four short and quick steps.
Binance’s move to include Terra’s original tokens is in alignment with LUNC trading volumes crossing 1 billion. However, the exchange platform announced that tax burn for LUNC and USTC will apply for deposits, withdrawals, and all on-chain transactions.
In related news, Terra community member Edward Kim proposed implementing a 1.2% tax burn for every on-chain LUNC transaction on September 1. The tax will be sent to a dead address, permanently removing part of the circulating supply. In theory, this will boost the price of LUNC.
While this news may be favorable for the LUNAtics, Terra’s community, critics have slammed Global exchanges KuCoin, Gate.io, and MEXC Global for expressing support for the upcoming LUNC transaction burn. They argue that these announcements by the exchanges are just public relations initiatives.
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